self-employed help

[houselikeashed]

So if my profit is £51k - I get no help from the government?
Is that right?

As far as I understood all employed income brackets can claim.

Posted too soon;
Although terrible those who get it have to wait 3mths. Should be now and not allowed to work (whereas the opposite way round). Low interest loans should be made available so ppl who haven't saved for the last 3yrs can still pay their rent etc and if have mortgage then thye can get a mortage holiday anyway.

@blimey that's horrible. My DH has lost his income. Mine is hanging on. We have two young kids and I'm pregnant. And yet because we warned well and ironically paid a good amount of tax we won't be helped.

Your friends are a small amount of people. This is devastating for some of us

I don't know what we're going to do.

I font want to sound harsh but those paying low PAYE and the rest via dividends have been doing that as tax avoidance. Recommended by accountants for that very reason.

When I was self employed I did that

You have to accept that by participating in tax avoidance that’s left you less eligible to state support. Pay in less, get less

There was always the option to ignore the advice, pay yourself all on PAYE and pay more tax...

@houselikeashed we can only pray he changes that threshold. He mentioned something about those earning over 200k wouldn't be helped so maybe we have got it wrong. (Clutching at straws)

@billmasen I don't pay myself that way. I'm self employed not on paye

Yes according to the Chancellor if you are earning over 50k you are earning close to 200k and don’t need any help. I have gone right off him now.

Yes I was only addressing the ones with limited companies who use dividends to avoid tax

chips
I hope so. I do't know how a £50k profit relates to a £200k income.

@Belindabelle me too. I'm so worried

I've missed the announcement.

I grossed 51kish this year.

I've paid out thousands in training, expenses etc.

I am a Director of my ltd company and pay myself 700 per month on PAYE. Rest are dividends.

What does this mean for me? So scared. I am only ltd for liability purposes.

Same here DH went self employed in Feb so we cabt get any help is that right? We have 3 kids I'm absolutely terrified l. How are we going to manage he is in the vulnerable bracket and has had to leave work due to this.

Surely for many (most?) self-employed people, taxable profits are often very little. In fact I'm sure I'm not the only one for whom a grant of 80% of my taxable profit will be nothing!

But Im sure he said it would be based on profits, and not earnings.

Anyone?

BillMasen it's not like DH paid nothing though, he still paid in! And now we get fuck all.
I can't work due to ill health yet DWP were quick enough to count dividends as income so that I wasnt eligible for any sickness pay.
This is a mess, we're fucked.

@Ohfeckohfuckohshit scheme doesn't include limited companies.

Even if you are eligible you won’t get it until June.

Can anyone confirm that if you are PAYE earning £52k you would get some help?

If you pay yourself as a company director with salary and dividends you're not covered. You will get 80% of your PAYE

I know it’s rough but I understand why the Government can’t start guaranteeing and propping up company dividends to their shareholders. I’m sure we can all agree it wouldn’t be sensible to do that.

Im also sure a lot on here would say that you can’t avoid tax and then expect the same support.

It’s tough. And in a lot of cases the implications of the limited company were not explained or understood. Just the tax savings...

I'm just going to go and have a cry now,.

So does anyone know what help is available for a ltd company that was set up around 8 weeks ago has same wage every month ?

So we can apply for universal credit?
If we get the grant in June I assume we have to repay the universal credit back.
I'm confused

It was stated as average monthly profit over last 3 years...not turnover

monthly?